Reserve Bank of India (RBI) Governor Sanjay Malhotra said that the Indian Rupee (INR) may now be undervalued following its recent depreciation, Reuters reported on Monday.

Malhotra further stated that the Indian central bank does not target any specific level for the currency, emphasizing that the RBI stands ready to intervene if speculative pressures build up.

RBI Governor said the central bank has enough tools in its kit, including nearly $700 billion in reserves to quell any undue speculative movement. He added that the RBI’s primary mandate is to target inflation. “If the evolving inflation trajectory provides policy space, we support growth,” said Malhotra.

Market reaction 

At the time of writing, the US Dollar Index (DXY) is trading 0.21% lower on the day at 95.45.

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